NEED OF FINANCIAL INSTITUTIONS SUPERVISION THROUGH AN SINGLE FRAMEWORK OF MACRO-PRUDENTIAL SUPERVISION

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "NEED OF FINANCIAL INSTITUTIONS SUPERVISION THROUGH AN SINGLE FRAMEWORK OF MACRO-PRUDENTIAL SUPERVISION"

Transcription

1 NEED OF FINANCIAL INSTITUTIONS SUPERVISION THROUGH AN SINGLE FRAMEWORK OF MACRO-PRUDENTIAL SUPERVISION MEDAR LUCIAN-ION, Professor PHD, CHIRTOC IRINA-ELENA, Assistant professor PHD, CONSTANTIN BRANCUSI UNIVERSITY OF TARGU - JIU, FACULTY OF ECONOMICS AND BUSINESS ADMINISTRATION Abstract: Joint Committee of the European Supervisory Authorities required Member States to implement new macro-prudential indicators.through national authorities of prudential supervision will be perform activities concerning the supplementary supervision of credit institutions, insurance companies or reinsurance companies, investment services firms and investment management firms, from a financial conglomerate. The most popular ways that give stability to the financial system are related to normal functioning of markets, to ensure implementation of payments in the economy and especially achieving a quality financial intermediation. Activities concerning macroprudential supervision concern, first of all, of managerial strengthening of internal control, assessment and management of risks. Keywords: financial crisis, prudential supervision, liquidity, systemic risk, financial stability JEL classifications: : E42, E50, F30 1. National Committee for prudential supervision in Romania, a new entity responsible for financial system stability Amid the existence of many risks in the national economy, the task of ensuring financial stability is shared between the Ministry of Finance, Central Bank and Financial Supervisory Authorities. Under the new regulations 1 of financial institutions that are part of a financial conglomerate structure should provide regular information on risk management, legal status, governance and the organization of the group and its members. Many financial institutions, especially banking groups and financial international institutions are operating in Romania, without be fully and efficiently supervised. National financial system is part of the European financial system and fully subject to its regulations and control supervisory authorities. The financial crisis has drained of resources financial system and to recover somewhat lost confidence in financial institutions has become a new architecture of the European System of Financial Supervision. Currently, the single supervisory system consists of: European Systemic Risk Board (ESRB) who is responsible for macro-prudential supervision at the European level. It is an independent body without legal personality operating in the European Central Bank ; the European Supervisory Authorities (ESA's) which includes: The European Banking Authority (EBA). It serves as a mediator between national authorities to implement macro-prudential regulatory technical standards. European Insurance and Occupational Pensions Authority (EIOPA) European Capital Markets Authority (ESMA) That competent prudential regulation and coordination of colleges of supervisors. National Supervisory Authority that controls and supervises financial institutions in Romania. 1 Official Gazette no. 656 of 25 October 2013 which was published Law. 272/2013, which brings a number of changes GEO. 98/2006 on the supplementary supervision of credit institutions, insurance companies and / or reinsurance companies, investment services and investment management firms in a financial conglomerate ("GEO 98/2006") and and GEO. 99/2006 on credit institutions and capital adequacy ("Banking Ordinance"). 111

2 To monitor and control the financial system, all components use specific tools of financial area. Indicative form of macroprudential tools may be similar to the form of micro-policy instruments, but it applies differently. It cannot perform a macro-prudential supervisory policy without determining the limits of the microprudential indicators in which must fit the financial institutions. For example, capital risks were monitored at various stages, beginning with "capital adequacy indicator", settled by Basel I Capital adequacy to the risks indicators, continued with exposure to the market and operational risks indicators, required of Basel II. And now, in the banking system is necessary a better assess and risk monitoring imposed by Basel III recommendations. Risk assessment on specific national economies models of EU Member States, involves reducing the importance given to external ratings which evaluated in times and scored sometimes inconclusive, the financial situation of countries with high sovereign debts. In the European System of Financial Supervision an important role in managing the financial crisis has the European Systemic Risk Board which imposed a single supervisory model with severe requirements to strengthen European mechanisms of monitoring and control of all financial activities. The recommendation CERS/2011/3 EU requires Member States to designate an authority responsible for macro-prudential policy to coordinate all components of national financial supervisors European Systemic Risk Board 2 recommend to the prudential supervision authorities of the financial system, a set of indicators for each area. The direct involvement of control over the achievement of the indicators set for the banking, insurance, private equity and pension sector will prevent risks in these systems. Implementation period of a new requirements is and include: Increase the return on equity and tracking "Countercyclical Capital Buffer". In the banking system, own funds Tier 1 plus capital conservation damper will increase from 4% in 2014 to 7% in This involves reducing the weight supported subordinated loans and the introduction as an additional leverage indicator, as the ratio between Tier 1 capital and total unadjusted risk exposures. Preventing mismatch excessive of maturity and lack of liquidity on the market. There are credit institutions that avoid lend long-term loans, just for respect the correlation between bank assets and liabilities. Macro prudential adjustment of the liquidity indicator. Defining standards for short and medium-term liquidity, establishing the responsibility of origin state, regarding liquidity of branches, host opportunity for the State to choose liquidity risk supervision of the subsidiaries requires new national banking regulations for national banking area. Macro prudential restrictions on funding sources. For example tracking indicator net stable funding. These requirements are imposed by new accounting regulations 3 so, outlining the submission of annual financial statements by financial institutions at the national supervisory authorities. Net stable funding is interesting for credit institutions shareholders that want to know the value of the shares at one time. Net stable situation is highlighted as the difference between total assets and liabilities (less any own capital grants and provisions) and is amounts that will return to members or shareholders in case of liquidation. The negative value of the indicator expresses a number of risks that causes increased the duty that cannot be paid on time. Thus, was impose a macro prudential limit unweight, applied to more less stable funding (e.g., the ratio loans / deposits). Restrictions about significant exposures. Significant exposures are determined and of the emergence of significant risks. A significant risk is one that has a great impact on the credibility and reputation of a credit institution causing it significant damage. In the category of these risks can be mentioned: credit risk, market, operational, liquidity and interest rate risk in the trading portfolio. Along with significant exposures appear other types of risks such as the business or strategic. The requirements above are made by National Supervisory Authorities from Romania who cooperates among themselves under different names: Financial Supervisory Authority - FSA. It is the administrative authority self-financed, autonomous, independent, professional, legal person who exercises his powers 4 by taking over and reorganizing all the powers and prerogatives of the National Securities Commission (CNVM), the Insurance Supervisory Commission (CSA) and the Committee of Surveillance System Private Pensions (PPSSC).So far the activity of this authority does not show that may be the institution that establish a single system of macro-prudential supervision of the entire financial system 2 Official Journal of the EU-recommendations of the ESRB, C 170/1 of 15 June National Bank of Romania Order no. 27/2010 for approving the Accounting Regulations in accordance with International Financial Reporting Standards applicable to credit institutions, published in the Official Gazette of Romania, Part I, no. 890 and 890 bis of 30 decembrie2010, amended and supplemented by the NBR Order no. 29 of 28.dec.2011, Official Gazette, Part I. 933 / 29.dec Emergency Ordinance no. 93/2012 on the establishment, organization and functioning of the FSA 112

3 National Committee for Financial Stability with role of coordinating tasks related to financial stability and financial crisis management in Romania. It is consist of: The Minister of Economy and Finance, the Governor of the National Bank, President of the National Securities Commission, Insurance Supervisory Commission President and Chairman of the Private Pension System Supervisory and Executive Director of the Deposit Guarantee Fund in the Banking System. Activity of this committee was held only as a forum for debate. According to the supervised field, each component of this committee was confronted with some problems to be solved, in this time of financial crisis. With the establishment of ASF the activity of this financial supervisory committee was diluted. Supervisory Committee of National Bank of Romania's for all banking system whose main tasks are: - Monitoring and evaluating the functioning of credit institutions on the basis of reports and analyzes made by specialized departments; - Approval of the inspection in credit institutions; - Approval of prudential and accounting regulations in banking; - Reject or approve the nomination of managers of credit institutions; - Analyzing information or reports submitted NBR by other central bank supervisory authorities or by Fund of Bank deposit guarantee. Set up at the national level, these committees and commissions identify risks and vulnerabilities of entire financial system as a whole and of its components. Although financial stability monitoring is preventive it have emerged situations, especially in the banking system when it acted "curative", especially for exchange rate stability. Incorrectly rating of the risks and inefficiency of capital allocation in all financial institutions can seriously affect the stability of the financial system and overall economic stability. Banking supervision is separate by the monetary policy and fall in the European recommendations on macro-prudential supervision to avoid economic crisis. The European Systemic Risk Board recommendation is put in place through the establishment of the National Committee for macro-prudential supervision (supreme national authority). This was due to the fact that the two Romanian entities, Financial Supervisory Authority that control the activities of the capital market, insurance and pension funds and central bank for banking supervision, are not coordinated by an entity responsible for the stability of the financial system in its entirety, under crisis conditions. By establishing the National Committee for macro-prudential supervision in Romania is passing of the classical model of separate sectorial supervisory institutions, at consolidated model that was tested until to this time in several European countries such as Austria, Poland, To strengthen resilience to shocks of financial infrastructures national supreme authority will consider: clearly establishing individual responsibilities of each component of the supreme authority supervision macroprudential ; each component represented by BNR Governor and Senior Deputy Governor of the central bank's chief economist, senior vice president of FSA and three representatives of the Ministry of Finance with the rank of minister or secretary of state will have well established tasks for avoid duplication of efforts; the activities of the components and the responsibilities of financial stability will be regularly communicated to the public; independence from the political factors and will be reported at the European Systemic Risk Board measures and achievements. For the development of a unique system of supervision for the financial system within the National Committee for macro-prudential supervision will be based a 'technical support' consists of the General Council, a technical committee on systemic risk and a Technical Committee. 2. Romanian National Bank role to strengthening and developement of the financial sistem Even though romanian financial market is monitored by the Financial Supervisory Authority, however responsibility of macroprudential policy management should be entrusted to a single institution, in which the central bank develops actions that have an significant impact on the financial stability at the national level. Within the supervision of financial groups also includes alternative investment fund managers (AIFM). Macro-prudential oversight of these funds has not yet been regulated by Romanian law, but their rigorous monitoring is part of the subject of EU directives to be transposed and implemented in the near future, in 113

4 Romania. Recent economic analysis of financial markets revealed that many AIFM strategies are vulnerable to some or several important risks in relation to investors, other market participants and markets.5 Macro prudentiality policies imposed until now by the central bank was present in promoting and oversee the smooth operation of payment systems for ensures financial stability. The main objective of a single supervisory authority is strengthening financial institutions and development of a financial system for citizens that can be achieved through permanent monitoring of risk management. First will track fund changes in the activity of components based on new corporate governance regulations. The main purpose of corporate governance is to reduce the negative effects of current and future financial crises. The new rules on corporate governance in the banking sector will include clearly defined of the Governing Bodies, with separation between of sales function and risk function. In order to strengthen and stability of the banking system through banking corporate governance are monitored the new standards that have in order to improve risk management, increase transparency requirements on capital adequacy, liquidity requirements, capital buffer and leverage. The new prudential supervision authorities will establish new regulations on remuneration policies within the components. It will define the criteria for granting salaries and their amount will be capped through long-term contracts, depending on the objectives. The targets set by the contract are to prevent and reduce risks exposure faced by financial institutions in accordance with the manager s liability. Under the conditions current financial and economic developments, the central bank has an important role to monitor financial stability. In this framework will be follow the risks that arise due of adapting financial groups at change. This involves understanding and promotes differentiated bank management determined by: conquest strategy which estimates the place of credit institutions at the national, regional, European and global levels; strategy retreat, restoration, that recognizing weaknesses credit institutions involving in the competitive environment and placement in subordinate positions. Banking risks are a constant source of potential expenditure. Their adequate monitoring and management aims to stabilize income over time. consolidation strategy by introducing capital buffers, specific to growth phases of credit institutions. Managers of credit institutions are aware that profit maximization implies permanent exposure to risk. Recommendations of the European Supervisory Authorities for the banking capital increase will influence the activity of the central bank to strengthen the prudential supervision of the banking system. Merger or takeover of the banks will create probabilities of occurrence of risks and potential exposure of financial groups. Despite massive bank consolidation in developed European countries, cross-border mergers and acquisitions were less common. Some banking products and services - such as: Lending to small businesses - have remained the preserve of small banks, local While other services - such as syndicated loans - lends itself more to be provided by large financial groups. A study on the extent of globalization 6 of the banking industry found that two thirds of multinational companies surveyed chose a credit institution with headquarters in the host country and less than 20% of them chose a credit institution in their country of origin. Subsidiaries of multinational companies prefer to use the services of a credit institution which knows well the local market, local regulations and market conditions in the country of origin. However, in countries with low financial development (emerging countries), multinationals prefer to work with credit institutions from their home countries, only local banks. Establishment of financial and banking groups was an important trend internationally. In the last years significantly increased the number of financial conglomerates in Romania too, these have form of banking groups, which comprise mainly bank branches, securities companies and insurance companies, private pension and leasing companies. The structure of these conglomerates is influenced by the existing regulatory framework that does not allow credit institutions to operate directly on the capital market. Also the banking legislation requires that financial leasing and factoring operations will be carried out by banks through separate companies, established for this purpose. Therefore, the banking sphere groups have set up securities companies to operate indirectly for securities markets and are major shareholders in a number of other financial corporations from group composition. 3. Conclusions 5 DIRECTIVE 2011/61/EC OF THE EUROPEAN PARLIAMENT AND OF CONSILIULUI/2011 Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) no. 1060/2009 and (EU). 1095/ Napoleon Pop, Valeriu Ioan-Frank, Towards a global currency. Preliminaries, Expert Publishing House, Bucharest,

5 For developing the financial system, including the capacity of the financial system to withstand shocks and various systemic risk, it imposes a strict control of components (sectoral supervisory authorities). This is actually the primary objective of the National Committee for macro-prudential supervision to preserve financial stability. Being responsible for coordinating the management of financial crises, the National Committee for macro-prudential supervision should issue recommendations and warnings on the risks, after reviewing information received, identified risks to financial stability and to control effectively the activity of institutions with systemically importance. To allow better monitoring of financial conglomerates business, sectorial cooperation between supervisory authorities will be strengthened through specific procedures of the National Committee for macroprudential supervision. By developing a unique model of macro-prudential supervision will be followed first, increasing the quality of the capital base through raising the level for all components of the financial system with buffer capital (capital conservation, systematic risk, countercyclical). Permanent analysis of the indicators concerning capital of financial institutions, highlighting the indicator "leverage", through simple accounting data without adjustments, constantly verification of liquidity risk and the transparency measures of corporate governance will contribute to a more stable financial system in crisis conditions. National Committee for macro-prudential supervision will have an important role in the convergence of supervisory practices to ensure the harmonized application of prudential norms to all financial institutions. Bibliography [1] Anghel, Lucian Claudiu, The economy for understanding of all, Smart Books, Bucharest, 2012; [2] Dănila, Nicolae and colab., Retail Banking. Retail banking products and services, Publishing House, Bucharest, 2012; [3] Pop, Napoleon, Ioan-Frank, Valeriu, Towards a global currency. Preliminaries, Expert Publishing House, Bucharest, 2012; [4] Walter, S., Basel III: Stronger Banks and a More Resilient Financial System, Conference on Basel III, Financial Stability Institute, Basel, 2011; [5] Emergency Ordinance no. 93/2012 on the establishment, organization and functioning of the FSA; [6] Official Journal of the EU-recommendations of the ESRB, C 170/1 of 15 June 2013; [7] NBR Order no. 27/2010 for approving the Accounting Regulations in accordance with International Financial Reporting Standards applicable to credit institutions; [8] *** 115

Memorandum of Understanding on Maintenance of Financial Stability

Memorandum of Understanding on Maintenance of Financial Stability Unofficial translation Memorandum of Understanding on Maintenance of Financial Stability Purpose and organization of participating institutions activity 1. The Government of the Republic of Moldova (Government),

More information

STRATEGY FOR IMPLEMENTATION OF BASEL III STANDARDS IN SERBIA

STRATEGY FOR IMPLEMENTATION OF BASEL III STANDARDS IN SERBIA STRATEGY FOR IMPLEMENTATION OF BASEL III STANDARDS IN SERBIA December 2013. TABLE OF CONTENTS: I BANKING SECTOR IN SERBIA STATE AND TRENDS...2 II NEW (BASEL 2.5 AND BASEL III) STANDARDS OF THE BASEL COMMITTEE

More information

Law No. 82/1991 on the accounting system, republished, as further amended and completed ( Law No. 82/1991 );

Law No. 82/1991 on the accounting system, republished, as further amended and completed ( Law No. 82/1991 ); 96 Chapter 7 Accounting System 1. General The Romanian accounting system underwent continuous reform in the past years with the aim to improve, simplify and at the same time increase the accuracy and comprehensibility

More information

TAX ASPECTS REGARDING THE MERGER AND DIVISION

TAX ASPECTS REGARDING THE MERGER AND DIVISION TAX ASPECTS REGARDING THE MERGER AND DIVISION Ph.D. Associate Professor BRAGĂ FILOFTEIA VIORICA Spiru Haret University, Faculty of Accounting and Finance Câmpulung, viobraga@yahoo.com Ph.D. Lecturer NĂFTĂNĂILĂ

More information

Strategic Planning and Organizational Structure Standard

Strategic Planning and Organizational Structure Standard Table of contents Strategic Planning and Organizational Structure Standard 1. General provisions Grounds for application of the Standard Provisions of the Standard 2. Contents of the Standard 3. Corporate

More information

Banking Regulation and Supervision Agency of Turkey (BRSA)

Banking Regulation and Supervision Agency of Turkey (BRSA) Banking Regulation and Supervision Agency of Turkey (BRSA) Tuba GEÇER ER Senior Bank Examiner Başak ak YETİŞ İŞEN TEKER Banking Specialist Moscow, 28 September 2011 Who We Are Banking Regulation and Supervision

More information

List of legislative acts

List of legislative acts List of legislative acts BRRd : d irective 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment

More information

Capital adequacy analysis and liquidity risk

Capital adequacy analysis and liquidity risk Capital adequacy analysis and liquidity risk Q1 2016 This report includes information about capital adequacy and liquidity risk. The information is published on a quarterly basis at the BlueStep website.

More information

THE EARLY WARNING SYSTEM PRESENTATION DEFINITION

THE EARLY WARNING SYSTEM PRESENTATION DEFINITION THE EARLY WARNING SYSTEM PRESENTED BY: PETER GATERE MANGER, BANK SUPERVISION CENTRAL BANK OF KENYA 1 PRESENTATION Definition Background Objectives of an early warning system Role of qualitative information

More information

Basel 3: A new perspective on portfolio risk management. Tamar JOULIA-PARIS October 2011

Basel 3: A new perspective on portfolio risk management. Tamar JOULIA-PARIS October 2011 Basel 3: A new perspective on portfolio risk management Tamar JOULIA-PARIS October 2011 1 Content 1. Basel 3 A complex regulatory framework With possible unintended consequences 2. Consequences on Main

More information

Main differences between the financial consolidation method and the regulatory consolidation method, considering regulatory adjustments

Main differences between the financial consolidation method and the regulatory consolidation method, considering regulatory adjustments Disclosure Report pursuant to the Capital Requirements Regulation as of 31 December 214 1 Scope of Application Regulatory Requirements Since 1 January 214, BCR Group has been calculating the regulatory

More information

BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM

BOARD OF GOVERNORS FEDERAL RESERVE SYSTEM BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551 DIVISION OF BANKING SUPERVISION AND REGULATION DIVISION OF CONSUMER AND COMMUNITY AFFAIRS SR 12-17 CA 12-14 December 17, 2012 TO

More information

Key matters in examining Liquidity Risk Management at Large Complex Financial Groups

Key matters in examining Liquidity Risk Management at Large Complex Financial Groups Key matters in examining Liquidity Risk Management at Large Complex Financial Groups (1) Governance of liquidity risk management Senior management of a large complex financial group (hereinafter referred

More information

Bank Capital Adequacy under Basel III

Bank Capital Adequacy under Basel III Bank Capital Adequacy under Basel III Objectives The overall goal of this two-day workshop is to provide participants with an understanding of how capital is regulated under Basel II and III and appreciate

More information

Decision on recovery plans of credit institutions. Subject matter Article 1

Decision on recovery plans of credit institutions. Subject matter Article 1 Pursuant to Article 101, paragraph (2), item (8) and Article 154, paragraph (2) of the Credit Institutions Act (Official Gazette 159/2013) and Article 43, paragraph (2), item (9) of the Act on the Croatian

More information

[Investment Company Act Release No. 29332; 812-13752] Korea Finance Corporation; Notice of Application

[Investment Company Act Release No. 29332; 812-13752] Korea Finance Corporation; Notice of Application SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 29332; 812-13752] Korea Finance Corporation; Notice of Application June 25, 2010 Agency: Securities and Exchange Commission (the Commission

More information

POLICY POSITION PAPER ON THE PRUDENTIAL TREATMENT OF CAPITALISED EXPENSES

POLICY POSITION PAPER ON THE PRUDENTIAL TREATMENT OF CAPITALISED EXPENSES POLICY POSITION PAPER ON THE PRUDENTIAL TREATMENT OF CAPITALISED EXPENSES RESULTS OF A SURVEY OF AUTHORISED DEPOSIT-TAKING INSTITIONS, UNDERTAKEN BY THE AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY June

More information

Unifying Financial Sector Supervision Finland s Experience

Unifying Financial Sector Supervision Finland s Experience Unifying Financial Sector Supervision Finland s Experience Presentation at Banka Slovenije Deputy Governor Pentti Hakkarainen Bank of Finland 19 July 2010 Outline of the presentation 1. The financial crisis

More information

A CONSOLIDATED VERSION OF THE PUBLIC DEBT MANAGEMENT ACT

A CONSOLIDATED VERSION OF THE PUBLIC DEBT MANAGEMENT ACT M. OOZEER A CONSOLIDATED VERSION OF THE PUBLIC DEBT MANAGEMENT ACT 14 May 2015 2 A CONSOLIDATED VERSION OF THE PUBLIC DEBT MANAGEMENT ACT Act No. 5 of 2008 [Amended 14/2009, 10/2010, 36/2011, 38/2011,

More information

RECOMMENDATION OF THE EUROPEAN SYSTEMIC RISK BOARD of 22 December 2011 on US dollar denominated funding of credit institutions (ESRB/2011/2)

RECOMMENDATION OF THE EUROPEAN SYSTEMIC RISK BOARD of 22 December 2011 on US dollar denominated funding of credit institutions (ESRB/2011/2) RECOMMENDATION OF THE EUROPEAN SYSTEMIC RISK BOARD of 22 December 2011 on US dollar denominated funding of credit institutions (ESRB/2011/2) THE GENERAL BOARD OF THE EUROPEAN SYSTEMIC RISK BOARD, Having

More information

THE CROATIAN PARLIAMENT DECISION PROMULGATING THE ALTERNATIVE INVESTMENT FUNDS ACT

THE CROATIAN PARLIAMENT DECISION PROMULGATING THE ALTERNATIVE INVESTMENT FUNDS ACT THE CROATIAN PARLIAMENT Pursuant to Article 89 of the Constitution of the Republic of Croatia, I hereby pass the DECISION PROMULGATING THE ALTERNATIVE INVESTMENT FUNDS ACT I hereby promulgate the Alternative

More information

EBA Work Programme 2015

EBA Work Programme 2015 30 September 2014 EBA Work Programme 2015 1. In accordance with Regulation (EU) No 1093/2010 1 of the European Parliament and of the Council of 24 November 2010 establishing the European Banking Authority

More information

Contents. About the author. Introduction

Contents. About the author. Introduction Contents About the author Introduction 1 Retail banks Overview: bank credit analysis and copulas Bank risks Bank risks and returns: the profitability, liquidity and solvency trade-off Credit risk Liquidity

More information

Banking Regulation. Pros and Cons

Banking Regulation. Pros and Cons Certificate in Social Banking Money and Society Banking Regulation Pros and Cons Professor Dr. Gregor Krämer Chair for Banking, Finance, and Accounting Alanus University of Arts and Social Sciences, Alfter,

More information

CANADIAN TIRE BANK. BASEL PILLAR 3 DISCLOSURES December 31, 2014 (unaudited)

CANADIAN TIRE BANK. BASEL PILLAR 3 DISCLOSURES December 31, 2014 (unaudited) (unaudited) 1. SCOPE OF APPLICATION Basis of preparation This document represents the Basel Pillar 3 disclosures for Canadian Tire Bank ( the Bank ) and is unaudited. The Basel Pillar 3 disclosures included

More information

REPORT on activities of the Supervisory Board of Bank Handlowy w Warszawie S.A.

REPORT on activities of the Supervisory Board of Bank Handlowy w Warszawie S.A. REPORT on activities of the Supervisory Board of Bank Handlowy w Warszawie S.A. for the period from the date of the Ordinary General Meeting of Shareholders in 2011 to the date of the Ordinary General

More information

Banca Comercială Carpatica S.A. ( BCC ) informs all shareholders and investors on the following:

Banca Comercială Carpatica S.A. ( BCC ) informs all shareholders and investors on the following: No. 1467-/01/26/2016 To: FINANCIAL SUPERVISORY AUTHORITY- Financial instruments and investments sector BUCHAREST STOCK EXCHANGE Ref: Current report on the Biding Subscription notice from Nextebank to subscribe

More information

Funds Transfer Pricing A gateway to enhanced business performance

Funds Transfer Pricing A gateway to enhanced business performance Funds Transfer Pricing A gateway to enhanced business performance Jean-Philippe Peters Partner Governance, Risk & Compliance Deloitte Luxembourg Arnaud Duchesne Senior Manager Governance, Risk & Compliance

More information

Securities markets regulators in transition

Securities markets regulators in transition Securities markets regulators in transition Below is a list of the securities regulators, in the EBRD region with summaries of their objectives and competencies (plus links to the website): [Note: If you

More information

Financial stability, systemic risk & macroprudential supervision: an actuarial perspective

Financial stability, systemic risk & macroprudential supervision: an actuarial perspective Financial stability, systemic risk & macroprudential supervision: an actuarial perspective Paul Thornton International Actuarial Association Presentation to OECD Insurance and Pensions Committee June 2010

More information

How do we get banks to better serve the real economy: ethics, incentives, and the role of supervisors

How do we get banks to better serve the real economy: ethics, incentives, and the role of supervisors How do we get banks to better serve the real economy: ethics, incentives, and the role of supervisors Washington, June 3, 2015 1. The financial crisis highlighted severe weaknesses and excesses in the

More information

How Europe is Overcoming the Euro Crisis?

How Europe is Overcoming the Euro Crisis? How Europe is Overcoming the Euro Crisis? Klaus Regling, Managing Director, ESM University of Latvia, Riga 3 March 2014 Eight reasons for the sovereign debt crisis 1. Member States did not fully accept

More information

Net Stable Funding Ratio

Net Stable Funding Ratio Net Stable Funding Ratio Aims to establish a minimum acceptable amount of stable funding based on the liquidity characteristics of an institution s assets and activities over a one year horizon. The amount

More information

THE ROLE OF CENTRAL BANKS IN FINANCIAL SUPERVISION. THE EUROPEAN UNION PERSPECTIVE

THE ROLE OF CENTRAL BANKS IN FINANCIAL SUPERVISION. THE EUROPEAN UNION PERSPECTIVE THE ROLE OF CENTRAL BANKS IN FINANCIAL SUPERVISION. THE EUROPEAN UNION PERSPECTIVE ANNA JURKOWSKA-ZEIDLER Faculty of Law and Administration, University of Gdansk Abstract There are two main arguments for

More information

THE FINANCIAL SECTOR IN THE CARIBBEAN: CONTEMPORARY ISSUES

THE FINANCIAL SECTOR IN THE CARIBBEAN: CONTEMPORARY ISSUES THE FINANCIAL SECTOR IN THE CARIBBEAN: CONTEMPORARY ISSUES BY KELVIN A SERGEANT ACADEMIC DIRECTOR UWI SCHOOL OF BUSINESS AND APPLIED STUDIES LIMITED (Trading as ROYTEC) Paper presented at COTE 09 Department

More information

Regulatory Practice Letter November 2014 RPL 14-20

Regulatory Practice Letter November 2014 RPL 14-20 Regulatory Practice Letter November 2014 RPL 14-20 BCBS Issues Final Net Stable Funding Ratio Standard Executive Summary The Basel Committee on Banking Supervision ( BCBS or Basel Committee ) issued its

More information

COMMISSIE VOOR HET BANK-, FINANCIE- EN ASSURANTIEWEZEN COMMISSION BANCAIRE, FINANCIÈRE ET DES ASSURANCES BANKING, FINANCE AND INSURANCE COMMISSION

COMMISSIE VOOR HET BANK-, FINANCIE- EN ASSURANTIEWEZEN COMMISSION BANCAIRE, FINANCIÈRE ET DES ASSURANCES BANKING, FINANCE AND INSURANCE COMMISSION COMMISSIE VOOR HET BANK-, FINANCIE- EN ASSURANTIEWEZEN BANKING, FINANCE AND INSURANCE COMMISSION The financial architecture and control measures of the financial institutions CONFERENCE OF THE FINANCE

More information

Greece. From: OECD Banking Statistics: Methodological Country Notes 2010

Greece. From: OECD Banking Statistics: Methodological Country Notes 2010 From: OECD Banking Statistics: Methodological Country Notes 2010 Access the complete publication at: http://dx.doi.org/10.1787/9789264089907-en Greece Please cite this chapter as: OECD (2011), Greece,

More information

Towards a more stable banking system next steps for the Basel Committee

Towards a more stable banking system next steps for the Basel Committee Towards a more stable banking system next steps for the Basel Committee Centre for Business and Policy Studies/SIFR Finance panel 3 October 2014 Stefan Ingves Governor of the Riksbank and Chairman of the

More information

Questions and answers

Questions and answers Questions and answers DATE: 25 November 2011 DEPARTMENT: Financial stability department SVERIGES RIKSBANK SE-103 37 Stockholm (Brunkebergstorg 11) Tel +46 8 787 00 00 Fax +46 8 21 05 31 registratorn@riksbank.se

More information

Arnout H. E. M. Wellink. President, De Nederlandsche Bank Chairman, Basel Committee on Banking Supervision

Arnout H. E. M. Wellink. President, De Nederlandsche Bank Chairman, Basel Committee on Banking Supervision President, De Nederlandsche Bank Chairman, Basel Committee on Banking Supervision 118 27. Mai 2008 Banking Supervision in Europe: Developments and Challenges 1. The banking system has gone through major

More information

Opinion. of the European Insurance and Occupational Pensions Authority of 24 November 2014 on

Opinion. of the European Insurance and Occupational Pensions Authority of 24 November 2014 on EIOPA-BoS-14/120 24 November 2014 Opinion of the European Insurance and Occupational Pensions Authority of 24 November 2014 on Sound principles for Crisis Prevention, Management and Resolution preparedness

More information

União Bancária: A nova fronteira da regulação financeira na UE

União Bancária: A nova fronteira da regulação financeira na UE The functioning of the Banking Union Pedro Duarte Neves Vice-Governor Lisboa, 25 January 2016 União Bancária: A nova fronteira da regulação financeira na UE 1. Lessons from the crisis 2. Regulatory and

More information

STUDY OF CORRELATION BETWEEN AVERAGE INTEREST RATE AND NON-PERFORMING LOANS IN THE ROMANIAN BANKING SYSTEM DURING 2006- FEBRUARY 2010

STUDY OF CORRELATION BETWEEN AVERAGE INTEREST RATE AND NON-PERFORMING LOANS IN THE ROMANIAN BANKING SYSTEM DURING 2006- FEBRUARY 2010 STUDY OF CORRELATION BETWEEN AVERAGE INTEREST RATE AND NON-PERFORMING LOANS IN THE ROMANIAN BANKING SYSTEM DURING 006- FEBRUARY 010 Socol Adela 1 Decembrie 1918 University of Alba Iulia Faculty of Science

More information

Saxo Capital Markets CY Limited

Saxo Capital Markets CY Limited Saxo Capital Markets CY Limited DISCLOSURES IN ACCORDANCE WITH THE REGULATION FOR THE CAPITAL REQUIREMENTS OF INVESTMENT FIRMS FOR THE YEAR ENDED 31 DECEMBER 2014 MAY 2015 CONTENTS 1. GENERAL INFORMATION

More information

Act on Insurance. The National Council of the Slovak Republic has adopted the following Act: SECTION I PART ONE GENERAL PROVISIONS

Act on Insurance. The National Council of the Slovak Republic has adopted the following Act: SECTION I PART ONE GENERAL PROVISIONS Act on Insurance Full wording of Act No 8/2008 Coll. of 28 November 2007 on Insurance and on amendments and supplements to certain laws, as amended by Act No 270/2008 Coll., Act No 552/2008 Coll., Act

More information

Risk & Capital Management under Basel III

Risk & Capital Management under Basel III www.pwc.com Risk & Capital Management under Basel III London, 15 Draft Agenda Basel III changes to capital rules - Definition of capital - Minimum capital ratios - Leverage ratio - Buffer requirements

More information

General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008

General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008 CEIOPS-DOC-07/08 General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008 CEIOPS e.v. - Westhafenplatz 1 60327 Frankfurt

More information

Regulation for Establishing the Internal Control System of an Investment Management Company

Regulation for Establishing the Internal Control System of an Investment Management Company Unofficial translation Riga, 11 November 2011 Regulation No. 246 (Minutes No. 43 of the meeting of the Board of the Financial and Capital Market Commission, item 8) Regulation for Establishing the Internal

More information

EUROPEAN CENTRAL BANK

EUROPEAN CENTRAL BANK 19.2.2013 Official Journal of the European Union C 47/1 III (Preparatory acts) EUROPEAN CENTRAL BANK OPINION OF THE EUROPEAN CENTRAL BANK of 24 May 2012 on a draft Commission delegated regulation supplementing

More information

Bank Austria IR Release

Bank Austria IR Release Bank Austria IR Release Günther Stromenger +43 (0) 50505 57232 Vienna, 12 February 2015 Preliminary results 1 for the 2014 financial year: Bank Austria posts net profit of about EUR 1.4 billion Sound operating

More information

Vienna 2 Initiative. Working Group on the European Banking Union and Emerging Europe 12

Vienna 2 Initiative. Working Group on the European Banking Union and Emerging Europe 12 1 Vienna 2 Initiative Working Group on the European Banking Union and Emerging Europe 12 General considerations The countries of Central, Eastern and South Eastern Europe (CESEE) have today very different

More information

Definition of Capital

Definition of Capital Definition of Capital Capital serves as a buffer to absorb unexpected losses as well as to fund ongoing activities of the firm. A number of substantial changes have been made to the minimum level of capital

More information

Loi M Bakani: Effective compliance, risk mitigation and control

Loi M Bakani: Effective compliance, risk mitigation and control Loi M Bakani: Effective compliance, risk mitigation and control Speech by Mr Loi M Bakani, Governor of the Bank of Papua New Guinea, at the Institute of Banking and Business Management (IBBM) seminar on

More information

Tightening Financial Regulation, Broadening Role of Deposit Insurance - Resolution Serving Financial Stability. Bank Resolution Framework in Poland

Tightening Financial Regulation, Broadening Role of Deposit Insurance - Resolution Serving Financial Stability. Bank Resolution Framework in Poland Tightening Financial Regulation, Broadening Role of Deposit Insurance - Resolution Serving Financial Stability Bank Resolution Framework in Poland Jerzy Pruski President and Chair of the Executive Council,

More information

Supplementary Appendix Table A DESCRIPTION OF THE DIRECTIVES OF THE FINACIAL SERVICES ACTION PLAN (FSAP)

Supplementary Appendix Table A DESCRIPTION OF THE DIRECTIVES OF THE FINACIAL SERVICES ACTION PLAN (FSAP) Supplementary Appendix Table A DESCRIPTION OF THE DIRECTIVES OF THE FINACIAL SERVICES ACTION PLAN (FSAP) Directive Name Directive No. Deadline Implementation of the Settlement Finality Directive 1998/26/EC

More information

APPLICATION TO SET UP WHOLESALE BANK / OFFSHORE BANK / MERCHANT BANK EXPLANATORY NOTES

APPLICATION TO SET UP WHOLESALE BANK / OFFSHORE BANK / MERCHANT BANK EXPLANATORY NOTES APPLICATION TO SET UP WHOLESALE BANK / OFFSHORE BANK / MERCHANT BANK Criteria for Assessment of Applications EXPLANATORY NOTES MAS' admission criteria apply across the board to all financial institutions

More information

Executive Order on Calculation of Risk Exposures, Own Funds and Solvency Need 1

Executive Order on Calculation of Risk Exposures, Own Funds and Solvency Need 1 Executive Order on Calculation of Risk Exposures, Own Funds and Solvency Need 1 The following shall be laid down pursuant to section 124(7), section 128(3), section 128a, section 142(1), section 143(1),

More information

Press release Press enquiries: +41 61 280 8188 press@bis.org www.bis.org

Press release Press enquiries: +41 61 280 8188 press@bis.org www.bis.org Press release Press enquiries: +41 61 280 8188 press@bis.org www.bis.org Ref no: 35/2010 12 September 2010 Group of Governors and Heads of Supervision announces higher global minimum capital standards

More information

EBA-GL-2015-02. 23 July 2015. Guidelines. on the minimum list of qualitative and quantitative recovery plan indicators

EBA-GL-2015-02. 23 July 2015. Guidelines. on the minimum list of qualitative and quantitative recovery plan indicators EBA-GL-2015-02 23 July 2015 Guidelines on the minimum list of qualitative and quantitative recovery plan indicators Contents EBA Guidelines on the minimum list of qualitative and quantitative recovery

More information

Guidelines on preparation for and management of a financial crisis

Guidelines on preparation for and management of a financial crisis CEIOPS-DOC-15/09 26 March 2009 Guidelines on preparation for and management of a financial crisis in the Context of Supplementary Supervision as defined by the Insurance Groups Directive (98/78/EC) and

More information

Defining Global Systemically Important Banks and Additional Loss Absorbency Requirements

Defining Global Systemically Important Banks and Additional Loss Absorbency Requirements News Bulletin August 12, 2011 Defining Global Systemically Important Banks and Additional Loss Absorbency Requirements On 19 July 2011, the Basel Committee on Banking Supervision ( BCBS ) and the Financial

More information

BANK OCHRONY ŚRODOWISKA S.A. WARSZAWA, UL. ŻELAZNA 32 FINANCIAL STATEMENTS FOR THE 2014 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT

BANK OCHRONY ŚRODOWISKA S.A. WARSZAWA, UL. ŻELAZNA 32 FINANCIAL STATEMENTS FOR THE 2014 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT WARSZAWA, UL. ŻELAZNA 32 FINANCIAL STATEMENTS FOR THE 2014 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION... 3 REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

More information

THE CURRENT ACCOUNT OF ROMANIA EVOLUTION, FACTORS OF INFLUENCE, FINANCING

THE CURRENT ACCOUNT OF ROMANIA EVOLUTION, FACTORS OF INFLUENCE, FINANCING THE CURRENT ACCOUNT OF ROMANIA EVOLUTION, FACTORS OF INFLUENCE, FINANCING Abstract Camelia MILEA, PhD The balance of the current account is a tool used to establish the level of economic development of

More information

NATIONAL BANK OF ROMANIA. REGULATION No.17/2012 regarding certain conditions on granting loans

NATIONAL BANK OF ROMANIA. REGULATION No.17/2012 regarding certain conditions on granting loans NATIONAL BANK OF ROMANIA REGULATION No.17/2012 regarding certain conditions on granting loans Having regard to the provisions of art.4 Para. (1), art.45 Para. (1), art.61, art.173 4, let. b) and art.235

More information

2014 EU-wide stress test: Frequently Asked Questions

2014 EU-wide stress test: Frequently Asked Questions 2014 EU-WIDE STRESS TEST: FAQS 29 April 2014 2014 EU-wide stress test: FAQs 2014 EU-wide stress test: Frequently Asked Questions Scope Why does the EBA run an EU-wide stress test? The EU-wide stress test

More information

DECLARATION ON STRENGTHENING THE FINANCIAL SYSTEM LONDON SUMMIT, 2 APRIL 2009

DECLARATION ON STRENGTHENING THE FINANCIAL SYSTEM LONDON SUMMIT, 2 APRIL 2009 DECLARATION ON STRENGTHENING THE FINANCIAL SYSTEM LONDON SUMMIT, 2 APRIL 2009 We, the Leaders of the G20, have taken, and will continue to take, action to strengthen regulation and supervision in line

More information

ESM direct bank recapitalisation instrument -Main features of the operational framework and way forward -

ESM direct bank recapitalisation instrument -Main features of the operational framework and way forward - Luxembourg, 20 June 2013 ESM direct bank recapitalisation instrument -Main features of the operational framework and way forward - Following the 29 June 2012 statement by the Heads of State or Government

More information

ACT ON BANKS AND ON AMENDMENTS TO CERTAIN LAWS

ACT ON BANKS AND ON AMENDMENTS TO CERTAIN LAWS ACT ON BANKS AND ON AMENDMENTS TO CERTAIN LAWS The full wording of Act No 483/2001 Coll. of 5 October 2001 on banks and on amendments to certain laws, as amended by Act No 430/2002 Coll., Act No 510/2002

More information

Basel Committee on Banking Supervision. Consultative Document. Net Stable Funding Ratio disclosure standards. Issued for comment by 6 March 2015

Basel Committee on Banking Supervision. Consultative Document. Net Stable Funding Ratio disclosure standards. Issued for comment by 6 March 2015 Basel Committee on Banking Supervision Consultative Document Net Stable Funding Ratio disclosure standards Issued for comment by 6 March 2015 December 2014 This publication is available on the BIS website

More information

STATUTORY INSTRUMENTS. S.I. No. 257 of 2013 EUROPEAN UNION (ALTERNATIVE INVESTMENT FUND MANAGERS) REGULATIONS 2013

STATUTORY INSTRUMENTS. S.I. No. 257 of 2013 EUROPEAN UNION (ALTERNATIVE INVESTMENT FUND MANAGERS) REGULATIONS 2013 STATUTORY INSTRUMENTS. S.I. No. 257 of 2013 EUROPEAN UNION (ALTERNATIVE INVESTMENT FUND MANAGERS) REGULATIONS 2013 2 [257] S.I. No. 257 of 2013 EUROPEAN UNION (ALTERNATIVE INVESTMENT FUND MANAGERS) REGULATIONS

More information

(Legislative acts) REGULATIONS

(Legislative acts) REGULATIONS 24.3.2012 Official Journal of the European Union L 86/1 I (Legislative acts) REGULATIONS REGULATION (EU) No 236/2012 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 14 March 2012 on short selling and

More information

BVI s position on the Consultative Document of the Basel Committee on Banking Supervision: Capital requirements for banks equity investments in funds

BVI s position on the Consultative Document of the Basel Committee on Banking Supervision: Capital requirements for banks equity investments in funds Frankfurt am Main, 4 October 2014 BVI s position on the Consultative Document of the Basel Committee on Banking Supervision: Capital requirements for banks equity investments in funds BVI 1 gladly takes

More information

Use of fixed income products within a company's portfolio

Use of fixed income products within a company's portfolio Theoretical and Applied Economics Volume XIX (2012), No. 10(575), pp. 5-14 Use of fixed income products within a company's portfolio Vasile DEDU The Bucharest University of Economic Studies vdedu03@yahoo.com

More information

Application for a Banking Authority Foreign Bank Branches Prudential Statement J2

Application for a Banking Authority Foreign Bank Branches Prudential Statement J2 Application for a Banking Authority Foreign Bank Branches Prudential Statement J2 PS J2 Introduction 1. A foreign bank wishing to operate as a branch in Australia must obtain a banking authority issued

More information

FSI-IADI Seminar on Bank Resolution, Crisis Management and Deposit Insurance Issues. Coordination of safety net players: Role of DIA.

FSI-IADI Seminar on Bank Resolution, Crisis Management and Deposit Insurance Issues. Coordination of safety net players: Role of DIA. FSI-IADI Seminar on Bank Resolution, Crisis Management and Deposit Insurance Issues Coordination of safety net players: Role of DIA Jerzy Pruski IADI President and Chair of the Executive Council President

More information

18,343 18,308 3 Accumulated other comprehensive income (and other reserves)

18,343 18,308 3 Accumulated other comprehensive income (and other reserves) The information in this report is prepared quarterly based on the ADI financial records. The financial records are not audited for the Quarters ended 30 September, 31 December and 31 March. The report

More information

REPORT OF THE SUPERVISORY BOARD ON OPERATION IN 2013 AND ORIENTATION FOR 2014

REPORT OF THE SUPERVISORY BOARD ON OPERATION IN 2013 AND ORIENTATION FOR 2014 JSC BANK FOR FOREIGN TRADE OF VIET NAM Address: 198 Tran Quang Khai St, Ha No Business Registration No. 0100112437 (8 th revision dated 1 st August, 2013) SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom

More information

Reserve Bank of Fiji Banking Supervision Policy Statement No. 19

Reserve Bank of Fiji Banking Supervision Policy Statement No. 19 Reserve Bank of Fiji Banking Supervision Policy Statement No. 19 NOTICE TO LICENSED FINANCIAL INSTITUTIONS UNDER THE BANKING ACT 1995 MINIMUM REQUIREMENTS FOR THE MANAGEMENT OF MARKET RISK FOR LICENSED

More information

The Banking Act of 29 August 1997 (Journal of Laws of 2015, item 128) (consolidated version) CHAPTER 1 GENERAL PROVISIONS

The Banking Act of 29 August 1997 (Journal of Laws of 2015, item 128) (consolidated version) CHAPTER 1 GENERAL PROVISIONS The Banking Act of 29 August 1997 (Journal of Laws of 2015, item 128) (consolidated version) CHAPTER 1 GENERAL PROVISIONS Article 1 The present Act lays down the principles of carrying out banking activity,

More information

Preliminary Financial Results of Alpha Bank Cyprus Ltd for the year 2015 Please find attached the relevant announcement.

Preliminary Financial Results of Alpha Bank Cyprus Ltd for the year 2015 Please find attached the relevant announcement. 0114/00014990/en Indicative Results Alpha Bank Ltd Preliminary Financial Results of Alpha Bank Cyprus Ltd for the year 2015 Please find attached the relevant announcement. ABCY Attachment: 1. Preliminary

More information

ESRB response to the EBA Consultation Paper on Draft Implementing Technical Standards on supervisory reporting requirements for institutions (CP 50)

ESRB response to the EBA Consultation Paper on Draft Implementing Technical Standards on supervisory reporting requirements for institutions (CP 50) 27.2.2012 ESRB response to the EBA Consultation Paper on Draft Implementing Technical Standards on supervisory reporting requirements for institutions (CP 50) Introduction The European Systemic Risk Board

More information

Definition of Public Interest Entities (PIEs) in Europe

Definition of Public Interest Entities (PIEs) in Europe Definition of Public Interest Entities (PIEs) in Europe FEE Survey October 2014 This document has been prepared by FEE to the best of its knowledge and ability to ensure that it is accurate and complete.

More information

Ministry of Finance Finansinspektionen Sveriges Riksbank

Ministry of Finance Finansinspektionen Sveriges Riksbank Ministry of Finance Financial Markets Department Dnr: Fi2015/04660/FMA/B Banking Dnr: 15-13707 Financial Stability Department Dnr: 2015-00579 European Commission DG Financial Stability Financial Services

More information

MANDATORY RESERVES THE MAIN TOOL OF THE ROMANIAN MONETARY POLICY IN THE CONTEXT OF EU AND INTERNATIONAL DEVELOPMENT

MANDATORY RESERVES THE MAIN TOOL OF THE ROMANIAN MONETARY POLICY IN THE CONTEXT OF EU AND INTERNATIONAL DEVELOPMENT MANDATORY RESERVES THE MAIN TOOL OF THE ROMANIAN MONETARY POLICY IN THE CONTEXT OF EU AND INTERNATIONAL DEVELOPMENT Laurentiu Mihailescu doctoral studies Management Prof. Maria Dimitriu, PhD Gabriela Popa

More information

ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK. of 12 November 2015. on the regulation of companies acquiring credit (CON/2015/45)

ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK. of 12 November 2015. on the regulation of companies acquiring credit (CON/2015/45) EN ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK of 12 November 2015 on the regulation of companies acquiring credit (CON/2015/45) Introduction and legal basis On 5 November 2015 the European Central

More information

Basel Committee on Banking Supervision. Consultative Document. Basel III: The Net Stable Funding Ratio. Issued for comment by 11 April 2014

Basel Committee on Banking Supervision. Consultative Document. Basel III: The Net Stable Funding Ratio. Issued for comment by 11 April 2014 Basel Committee on Banking Supervision Consultative Document Basel III: The Net Stable Funding Ratio Issued for comment by 11 April 2014 January 2014 This publication is available on the BIS website (www.bis.org).

More information

BOARD OF AUDITORS ANNUAL REPORT TO THE BOARD OF GOVERNORS

BOARD OF AUDITORS ANNUAL REPORT TO THE BOARD OF GOVERNORS BOARD OF AUDITORS ANNUAL REPORT TO THE BOARD OF GOVERNORS for the period ended 31 December 2015 Board of Auditors European Stability Mechanism 2 1. INTRODUCTION The Board of Auditors of the European Stability

More information

IFRS and Basel Accord: main objectives and key priorities

IFRS and Basel Accord: main objectives and key priorities IFRS and Basel Accord: main objectives and key priorities Ian Michael ICAEW Manager, Risk and Regulation, Financial Services Faculty Accounting for financial instruments The project to replace IAS 39 Project

More information

Unofficial Translation with the courtesy of The Foreign Banks' Association ------------------------------------------------------------------------

Unofficial Translation with the courtesy of The Foreign Banks' Association ------------------------------------------------------------------------ Unofficial Translation with the courtesy of The Foreign Banks' Association This translation is for the convenience of those unfamiliar with the Thai language. Please refer to the Thai text for the official

More information

Morgan Stanley Reports Third Quarter 2015:

Morgan Stanley Reports Third Quarter 2015: Media Relations: Michele Davis 212-761-9621 Investor Relations: Kathleen McCabe 212-761-4469 Morgan Stanley Reports Third Quarter 2015: Net Revenues of $7.8 Billion and Earnings per Diluted Share of $0.48

More information

RECENT BENCHMARKS ON WAGES IN THE NATIONAL PUBLIC SYSTEM***

RECENT BENCHMARKS ON WAGES IN THE NATIONAL PUBLIC SYSTEM*** RECENT BENCHMARKS ON WAGES IN THE NATIONAL PUBLIC SYSTEM*** Lecturer PhD. Alunica MORARIU,,Ştefan cel Mare University of Suceava, Romania Faculty of Economics and Public Administration morariua@seap.usv.ro

More information

The Liquidity Coverage Ratio and Potential Implications for (Small) Business Financing in an Austrian Context Executive Summary (July 2012)

The Liquidity Coverage Ratio and Potential Implications for (Small) Business Financing in an Austrian Context Executive Summary (July 2012) The Liquidity Coverage Ratio and Potential Implications for (Small) Business Financing in an Austrian Context Executive Summary (July 2012) A study by IHS (Bernhard Felderer, Ines Fortin) and LBMS (Luise

More information

(Legislative acts) DIRECTIVES

(Legislative acts) DIRECTIVES 1.7.2011 Official Journal of the European Union L 174/1 I (Legislative acts) DIRECTIVES DIRECTIVE 2011/61/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 8 June 2011 on Alternative Investment Fund

More information

We continue our consumer finance activities with KoçFinans, Turkey s first consumer finance company.

We continue our consumer finance activities with KoçFinans, Turkey s first consumer finance company. BANKING AND INSURANCE As the leading banking and insurance group in Turkey, we are the key thanks to our customer-oriented approach, strong financial structure, and millions of active customers. As Yapı

More information

F.A.Q. Differences between statistical and supervisory reporting

F.A.Q. Differences between statistical and supervisory reporting F.A.Q. Differences between statistical and supervisory reporting 1) Which group consolidation approach should banks use for statistical, supervisory and financial reporting purposes? For statistical purposes,

More information

MEMORANDUM OF UNDERSTANDING. between. the Central Bank of Malta. and. the Malta Financial Services Authority

MEMORANDUM OF UNDERSTANDING. between. the Central Bank of Malta. and. the Malta Financial Services Authority MEMORANDUM OF UNDERSTANDING between the Central Bank of Malta and the Malta Financial Services Authority in respect of Payment and Securities Settlement Systems MEMORANDUM OF UNDERSTANDING between the

More information

MORGAN STANLEY Financial Supplement - 4Q 2015 Table of Contents

MORGAN STANLEY Financial Supplement - 4Q 2015 Table of Contents Page # MORGAN STANLEY Financial Supplement - 4Q 2015 Table of Contents 1. Quarterly Consolidated Financial Summary 2. Quarterly Consolidated Income Statement Information 3. Quarterly Consolidated Financial

More information

EASTERN CARIBBEAN CENTRAL BANK

EASTERN CARIBBEAN CENTRAL BANK EASTERN CARIBBEAN CENTRAL BANK GUIDELINES ON CREDIT RISK MANAGEMENT FOR INSTITUTIONS LICENSED TO CONDUCT BANKING BUSINESS UNDER THE BANKING ACT Prepared by the BANK SUPERVISION DEPARTMENT May 2009 TABLE

More information

DETAILED TABLE OF CONTENTS

DETAILED TABLE OF CONTENTS DETAILED TABLE OF CONTENTS Table of Cases Table of Legislation List of Abbreviations xxii xxv lxi I. Introduction 1 1.1 EU Securities and Markets Regulation 1 1.2 Securities and Markets Regulation and

More information